22 rural Nevada businesses secured $ 500,000 in forgivable loans


The City of Wells and Reno Audacity Institute recently partnered to provide 22 small businesses with up to $ 25,000 each in forgivable loans.

The Nevada Governor’s Office of Economic Development awarded $ 500,000 in federal CARES Act funds to the two entities this summer to help rural businesses affected by the COVID pandemic. The program called for loans to be canceled upon completion of a nine-month online training and mentoring program through the Audacity Institute.

According to an Oct. 18 press release from GOED, a total of 309 rural entrepreneurs and small business owners from 16 counties have applied for the funds to be distributed through GOED’s Rural Business Assistance Program (RuBA).

“The massive response… demonstrates the tremendous demand for small business finance in combination with technical assistance,” said Patty Herzog, GOED’s director of rural economic and community development, in a statement. “Audacity has done an exceptional job meeting with community leaders from Main Streets and Chambers to reach out to underserved businesses. “

The Audacity Institute implemented a statewide campaign that included direct mail to rural businesses paid by the Greater Nevada Credit Union; social media advertisements; and radio, flyer distribution through in-person outreach and collaboration with regional economic development authorities, Nevada Main Street, and the Nevada Small Business Development Center.

“Rural business owners face systemic barriers in accessing capital and resources to help them create and grow the businesses of the future,” said Danielle Rees, Managing Partner of Audacity Institute. “Reliable Internet access is another challenge, which is why we have gone the old fashioned way with our outreach efforts. “

Of the 309 applicants, 9% were veteran-owned businesses / entrepreneurs, while 55% were women and 29% were minority (highlighted by 16% who were Hispanic / Latino).

“The companies selected for the program represent a wide range of industries, including agriculture, beauty, construction, education, food, health, hospitality, manufacturing, retail and technology, ”said Kelly Northridge, Managing Partner of the Audacity Institute.

The 22 companies selected represent the counties of Carson, Churchill, Douglas, Elko, Humboldt, Nye, Washoe and White Pine. They are: Affordable IT Services, Bristlecone Outfitters and Trailhead Motel, Clearview Chiropractic, Fresh Bite Food & Spirits, Green Up, IC Breakout LLC, Jazi’s Greenz LLC, Lotspeich Family Farm, Carter Hair Design, Nevada Built Steel, Nik N Willies Pies, Paper Sails LLC, Salt & Sucre, Secure Exits LLC, Sew Krazy, Skin Therapy & Wellness, Spring Creek Sweet Shop, Star Village Coffee, Taqueria El Compa, Valera’s Bakery, Van-tastic Fashions and YOUTH Positive. Visit ribbonv.com to learn more.


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